Defined Contribution Pension Sample Clauses

Defined Contribution Pension. Bargaining unit members hired by the Township on or after January 1, 2024 shall be ineligible for the MERS pension system and required to enter a defined contribution retirement system established by the Township. Operating under section 401(a) of the Internal revenue Service Code, all employee contributions will be made on a pre-tax basis. The employee will be required to contribute a mandatory four percent (4%) of the employee’s base wage, excluding overtime or any other special payments. The Township will contribute an amount equal to eight percent (8%) of the employee’s base wage, excluding overtime or any other special payments. The vesting schedule for employer contributions applied to the defined contribution pension plan shall be twenty percent (20%) per year with full vesting upon completion of five (5) years of service.
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Defined Contribution Pension. The Township agrees to create a 401(a) defined contribution plan for bargaining unit members who have reached the 70% cap in the Act 345 defined benefit pension system and who were promoted to Captain on or after May 1, 2007. Current Captains participating in the DROP may also enter the defined contribution plan after expiration of the five (5) year DROP term. The 401(a) defined contribution plan will be maintained with Fidelity Investments and will require a mandatory Township contribution of 7% of wages and a mandatory employee contribution of 7% of wages. Thereafter, the Township will match an employee’s contribution dollar for dollar at the current maximum allowed by the Internal Revenue Service up to 25%. Upon entering the 401(a) defined contribution plan, the employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease. During participation in the defined contribution plan, the participant continues with full employment status and receives all future promotions and benefit/wage increases. It is understood by both parties to this agreement that voluntary employee contributions are post-tax contributions. It is also understood by both parties that it is the participant’s sole responsibility for analyzing the tax consequences of participation in the 401(a) defined contribution system.
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Defined Contribution Pension. PLAN (DC RPP)
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Defined Contribution Pension. The Township agrees to create a 401(a) defined contribution plan for bargaining unit members who have reached the 70% cap in the Act 345 defined benefit pension system and who were promoted to the unit on or after November 1, 2008. Current bargaining unit members eligible to participate in the DROP may also enter the defined contribution plan after expiration of the five (5) year DROP term. The 401(a) defined contribution plan will be maintained with Fidelity Investments and will require a mandatory Township contribution of 7% of wages and a mandatory employee contribution of 7% of wages. Thereafter, the Township will match an employee’s contribution dollar for dollar at the current maximum allowed by the Internal Revenue Service up to 25%. Upon entering the 401(a) defined contribution plan, the employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease. During participation in the defined contribution plan, the participant continues with full employment status and receives all future promotions and benefit/wage increases. It is understood by both parties to this agreement that voluntary employee contributions are post-tax contributions. It is also understood by both parties that it is the participant’s sole responsibility for analyzing the tax consequences of participation in the 401(a) defined contribution system.
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Defined Contribution Pension. Plan (DCPP) All teammates hired after March 31, 2009, will enroll in Woodbridge Foam’s Defined Contribution Pension Plan (DCPP) for Hourly Employees as of June 1, 2020. Employees must have completed one (1) year of service at the time of enrolment. Employees will make a mandatory contribution of two (2%) percent of their base earnings in the DCPP. The Company will match employee contributions up to one percent (1%) of their base earnings. Earnings are defined as regular straight time earnings including statutory holiday pay and vacation pay. Employees will be allowed for additional voluntary contributions without an employer match. Employees are responsible for ensuring contributions within the CRA guidelines. All employer and employee contributions are immediately vested. The Company will negotiate preferred investment management fees with the record keeper. The Company reserves the right to select and /or change vendors as appropriate. The Company will pay the administration costs (all expenses other than investment management related fees and expenses). The Company will provide the “information and education” for the employees. The parties agree that the Company may utilize a separate group of temporary part-time employees (TPT) to cover unforeseen and scheduled absences. For the purposes of this agreement, temporary part-time employees will be employed in the following order: 1) laid off employees who make themselves available, 2) dependents of employees who are currently enrolled in post- secondary education, and 3) newly hired employees specific to the temporary part-time (TPT) program. The intent of the Company is not to replace regular employees with TPTs. If TPT workers are utilized, at no time shall the use of these workers infringe on the right of any qualified bargaining unit employee(s) to work overtime and perform the work that is required to be done by the TPT workers nor infringe on the rights of regular employees covered under the current Collective Agreement or to encourage excessive absenteeism.
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Defined Contribution Pension. The Township agrees to create a 401(a) defined contribution plan for bargaining unit members who have reached the 70% cap in the Act 345 defined benefit pension system and who were promoted to the unit on or after November 1, 2008. The 401(a) defined contribution plan will be maintained with Fidelity Investments and will require a mandatory Township contribution of 7% of wages and a mandatory employee contribution of 7% of wages. Thereafter, the Township will match an employee’s contribution dollar for dollar at the current maximum allowed by the Internal Revenue Service up to 25%. Upon entering the 401(a) defined contribution plan, the employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease. During participation in the defined contribution plan, the participant continues with full employment status and receives all future promotions and benefit/wage increases. It is understood by both parties to this agreement that voluntary employee contributions are post-tax contributions. It is also understood by both parties that it is the participant’s sole responsibility for analyzing the tax consequences of participation in the 401(a) defined contribution system.
Sample 1
Defined Contribution Pension. The Company will contribute in the first year 2.00%, in the second year 2.50 % and in the third year 3.00 % for each hour worked by an employee member to their individual retirement savings account. Changes to the Company contribution rate will occur on October 1, 2005, October 1, 2006 and October 1, 2007, respectively The Company will also match an employee’s optional contribution at the rate of fifty cents (50 cents) for each $1.00 which the employee contributes to maximum additional Company contribution of one per cent (1%) of the employee’s pay. 24.04 The weekly indemnity plan shall be registered with 24.05 Effective May 1, 1993, the Company arranged with an insurance carrier a Long Term Disability Plan which pays 50% of the employees pay based on a normal forty hour week (less any reductions). The premium shall be paid for by the employee. This benefit 24.06 The Company agrees to maintain, at the current or better levels, the policy regarding company uniforms for its Warehouse employees.
Sample 1
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Defined Contribution Pension. Members promoted prior to January 1, 2008 Members promoted after January 1, 2008
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Related to Defined Contribution Pension

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Contribution Payment To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, the Company, in lieu of indemnifying Indemnitee, shall, to the extent permitted by law, contribute to the amount of any and all Indemnifiable Liabilities incurred or paid by Indemnitee for which such indemnification is not permitted. The amount the Company contributes shall be in such proportion as is appropriate to reflect the relative fault of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault (collectively, including the Company, the "Third Parties"), on the other hand.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

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